By Staff Reporter
HARARE — Australia-based oil and gas explorer Invictus Energy Limited has secured a three-year renewal of its Exclusive Prospecting Orders (EPOs) 1848 and 1849 in Zimbabwe’s Cabora Bassa Basin, the company announced Monday.
The licences, held through Invictus’s 80% owned subsidiary Geo Associates (Pvt) Ltd, were renewed by the Mining Affairs Board of Zimbabwe and will be formally published in the Government Gazette.
The extension allows Invictus to advance its exploration programme, including the planned drilling of the Musuma-1 well, which targets prospective resources of 1.2 trillion cubic feet (Tcf) of gas and 73 million barrels of condensate on a gross mean unrisked basis.
EPOs 1848 and 1849 contain multiple high-potential plays, including eight gas prospects estimated at 2.9 Tcf of gas and 184 million barrels of condensate, as well as five oil prospects with an estimated 1.2 billion barrels of prospective resources.
Invictus cautioned that these estimates relate to undiscovered accumulations, with both discovery and development risks remaining.
Further exploration, appraisal, and evaluation will be required to confirm commercial viability.
“These estimated quantities of petroleum that may be potentially recovered relate to undiscovered accumulations.
“The estimates carry both a risk of discovery and a risk of development.
“Further exploration and evaluation are required to determine the existence of significant recoverable hydrocarbons,” the company said.
Prospective resource assessments were estimated using probabilistic methods in accordance with SPE-PRMS standards, ensuring industry-standard evaluation metrics.
Invictus Energy is listed on the Australian Securities Exchange (ASX: IVZ), the Victoria Falls Stock Exchange (VFEX: INV), and the OTCQB in the United States (IVCTF).
The company is pursuing exploration in the Cabora Bassa Basin, home to the Mukuyu gas field discovery, one of the last untested frontier rift basins in onshore Africa.
